With household names such as Habitat, TJ Hughes, Thornton's, Jane Norman and Carpetright all facing store closures and job cuts, it's been another horrendous month for the retail sector. Now many high street stores have brought forward their summer sales and are already offering heavy discounts on stock.

Analysts predict that as many as 10,000 retail jobs could be lost as consumers continue to shun purchases amid food price inflation and high fuel prices.

And with out-of-town shopping centres continuing to spring up around the country and the growth in online shopping, the future of UK town centres is far from certain.

Phillip Inman and Zoe Wood look at the reasons for the decline in the retail sector and discuss how it can be turned around.

Also this week: we hear from the economist Ahmed Rahman of the US Naval Academy. In looking at the historical disparities between the economies in the northern and southern hemispheres he's been conducting research into the role of free trade and whether it hurts or helps developing economies.